Nagarjuna Oil Refinery shares soar 20%

Shares of Nagarjuna Oil Refinery surged 20 per cent today as state-owned Indian Oil Corp (IOC) is looking at buying equity stake in Nagarjuna Group's Cuddalore refinery.
The stock soared 20 per cent to settle at Rs 4.50 - also its highest trading permissible limit for the day - on BSE.
At NSE, shares of the company zoomed 20 per cent to close at Rs 4.50.
More than a decade after it declined to take a stake in Nagarjuna Group's refinery in Tamil Nadu, IOC is looking at buying equity stake in its Cuddalore refinery.
IOC has held preliminary discussions on a possible equity stake in the project, highly placed sources said.

Sources said IOC had in 2002 declined to take a majority stake in the project on the grounds that the country has surplus refining capacity.